February 17, 2013 10:45 pm

Russia has a hug for western investors

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Enthusiastic embrace of bears©Alamy

Enthusiastic embrace: the past six months have shown that Moscow cares

From Mr Bruce Bower.

Sir, Lilia Shevtsova (“A new way for the west to contain Putin’s Kremlin”, FT.com, February 7) argues that Russian leaders no longer care what the western world thinks and are doing their best to “close the country to the west”. From where I sit as an investor in Moscow, this does not ring true. In fact, the Russian government has been quietly carrying out a wholehearted bear hug of western investors and institutions.

In the past six months alone, the country has joined the World Trade Organisation, begun accession talks with the OECD club of rich western nations, sold stakes in its stock exchange and biggest bank to portfolio investors, linked its markets to Euroclear and closed a deal on a landmark investment from BP.

Bruce Bower, Portfolio Manager, Verno Capital, Moscow, Russia

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